<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(MARK ONE)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003.

OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____.

                        COMMISSION FILE NUMBER: 333-30914

                             XTREME COMPANIES, INC.
        (Exact name of small business issuer as specified in its charter)

             Nevada                                       88-0394012
(State or other jurisdiction of                         (IRS Employer
 incorporation or organization)                      Identification No.)

     9116 Covered Wagon Dr.
         Las Vegas, Nevada                                   89117
(Address of principal executive offices)                  (Zip Code)

                                 XTREME WEBWORKS
              (Former name, former address and former fiscal year,
                         if changed since last report.)

Indicate by check mark whether the registrant: 1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the past 12 months (or for such shorter period that the registrant was required
to file such reports), and 2) has been subject to such filing requirements for
the past 90 days. YES [X] NO [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

At March 31, 2003, there were 30,820,065  shares issued and outstanding of
the Registrant's Common Stock, $.001 par value.

Transitional Small Business Disclosure Format (check one): YES [ ]  NO [X]

<PAGE>

PART I - FINANCIAL INFORMATION


                             XTREME COMPANIES, INC.


                                 BALANCE SHEETS
                                      AS OF
                                  JUNE 30, 2003


                                       AND

                            STATEMENTS OF OPERATIONS
                   FOR THE SIX MONTHS AND THREE MONTHS ENDING
                             JUNE 30, 2003 AND 2002


                                       AND

                                   CASH FLOWS
                            FOR THE SIX MONTHS ENDING
                             JUNE 30, 2003 AND 2002

                                       2
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                                TABLE OF CONTENTS
                                -----------------

                                                                            Page
                                                                            ----

Independent Accountant's Review Report                                       4

Balance Sheets                                                               5

Statements of Operations                                                     6

Statements of Cash Flows                                                     7

Footnotes                                                                    8

                                       3
<PAGE>

BECKSTEAD AND WATTS, LLP
------------------------
CERTIFIED PUBLIC ACCOUNTANTS
                                                        3340 Wynn Road, Suite B
                                                            Las Vegas, NV 89102
                                                                   702.257.1984
                                                               702.362.0540 fax


                      INDEPENDENT ACCOUNTANTS REVIEW REPORT

August 12, 2003

Board of Directors
Xtreme Companies, Inc.
Las Vegas, NV

We have reviewed the accompanying balance sheet of Xtreme Companies, Inc. (a
Nevada corporation) as of June 30, 2003 and the related statements of operations
for the six-months and three-months ended June 30, 2003 and 2002 and statements
of cash flows for the six-months ended June 30, 2003 and 2002. These financial
statements are the responsibility of the Company's management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, which will be performed
for the full year with the objective of expressing an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying financial statements referred to above for them to
be in conformity with generally accepted accounting principles in the United
States of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 2 to the financial
statements, the Company has had limited operations and has not commenced planned
principal operations. This raises substantial doubt about its ability to
continue as a going concern. Management's plans in regard to these matters are
also described in Note 2. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.




Beckstead and Watts, LLP

                                       4
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                             XTREME COMPANIES, INC.
                           Consolidated Balance Sheet

                                                                    (Unaudited)
                                                                      June 30
                                                                       2003
                                                                   -------------
ASSETS

Current assets:
    Cash and equivalents                                           $        108
                                                                   -------------
                                                                            108
                                                                   -------------

Licensed technology                                                      30,000
                                                                   -------------

                                                                   $     30,108
                                                                   =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Due to related parties                                         $    405,966
    Accounts payable                                                    169,460
    Payroll tax liabilities                                             122,056
                                                                   -------------
                                                                        697,482

Stockholders' equity:

    Common stock, $0.001 par value, 50,000,000 shares
      authorized, 31,651,230 shares issued and outstanding               31,651
    Additional paid-in capital                                       15,129,035
    Retained (deficit)                                              (15,828,060)
                                                                   -------------
                                                                       (667,374)
                                                                   -------------

                                                                   $     30,108
                                                                   =============

   The accompanying Notes are an integral part of these financial statements

                                       5
<PAGE>

<TABLE>
                                       XTREME COMPANIES, INC.
                                Consolidated Statements of Operations
                                             (Unaudited)

<CAPTION>
                                                    For the Six Months Ended       For the Three Months Ended
                                                  -----------------------------   -----------------------------
                                                    June 30,        June 30,        June 30,        June 30,
                                                      2003            2002            2003            2002
                                                  -------------   -------------   -------------   -------------

<S>                                               <C>             <C>             <C>             <C>
Revenue                                           $         --    $    131,473    $         --    $     43,312
Cost of revenues                                            --          97,223              --          32,068
                                                  -------------   -------------   -------------   -------------
                                                            --          34,250              --          11,244
Expenses
   General and administrative expenses                  24,153              --          14,884              --
   Payroll and related expenses                             --          35,956              --          12,555
   Professional fees                                    45,880              --           4,493              --
   Consulting fees                                      91,875          44,385          91,875           8,885
   Other operating expenses                                 --         105,830              --          60,236
   Depreciation                                         12,418           3,298           5,822           1,649
                                                  -------------   -------------   -------------   -------------
   Total expenses                                      174,326         189,469         117,074          83,325
                                                  -------------   -------------   -------------   -------------
Net operating (loss)                                  (174,326)       (155,219)       (117,074)        (72,081)

Other income (expense)
   Interest income                                      15,657           2,247          15,657              --
   Interest expense                                         --          (4,996)             --          (2,498)
                                                  -------------   -------------   -------------   -------------
                                                        15,657          (2,749)         15,657          (2,498)

Net (loss)                                        $   (158,669)   $   (157,968)   $   (101,417)   $    (74,579)
                                                  =============   =============   =============   =============

Stockholders' Equity:
Weighted average number of common
   shares outstanding - basic and fully diluted     31,237,944      30,970,065      31,651,230      30,970,065
                                                  =============   =============   =============   =============
Net (loss) - basic and fully diluted              $         --    $         --    $         --    $         --
                                                  =============   =============   =============   =============
Net (loss) per share                              $         --    $         --    $         --    $         --
                                                  =============   =============   =============   =============

                   The accompanying Notes are an integral part of these financial statements

                                       6
</TABLE>
<PAGE>

                             XTREME COMPANIES, INC.
                      Consolidated Statements of Cash Flows
                                   (Unaudited)

                                                        For the Six Months Ended
                                                        ------------------------
                                                         June 30        June 30
                                                           2003          2002
                                                        ----------    ----------

CASH FLOWS FROM OPERATING ACTIVITIES
   Net (loss)                                           $(158,669)    $(157,968)
   Depreciation expense                                    12,418         3,298
   Allowance for doubtful accounts                          4,480            --
   Adjustments to reconcile net (loss)
   to cash (used) by operating activities:
     Decrease in accounts receivable                           --        (3,790)
     Increase in receivable from related parties           74,753        (1,647)
     (Increase) decease in prepaid assets                      --        (6,070)
     (Decrease) in accounts payable                      (462,614)       45,925
     Increase in accrued liabilities                           --        17,385
                                                        ----------    ----------
Net cash (used) by operating activities                  (529,632)     (102,867)
                                                        ----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES
   Net borrowing related parties                          201,181       101,740
   Payments to notes payable                              (58,606)           --
                                                        ----------    ----------
Net cash (used) by investing activities                   142,575       101,740
                                                        ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Stock cancelled for outstanding loans                  (90,410)           --
   Stock issuance for debt conversion                     477,202            --
                                                        ----------    ----------
                                                          386,792            --

Net increase in cash                                         (265)       (1,127)
Cash and equivalents - beginning                              373        14,996
                                                        ----------    ----------
Cash and equivalents - ending                           $     108     $  13,869
                                                        ==========    ==========

Net (loss) - basic and fully diluted
   Interest paid                                        $      --     $      --
                                                        ==========    ==========
   Income taxes paid                                    $      --     $      --
                                                        ==========    ==========

    The accompanying Notes are an integral part of these financial statements

                                       7
<PAGE>

                             XTREME COMPANIES, INC.
                                      NOTES

NOTE 1 - BASIS OF PRESENTATION

The consolidated interim financial statements included herein, presented in
accordance with United States generally accepted accounting principles and
stated in US dollars, have been prepared by the Company, without audit, pursuant
to the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures are adequate to make the information
presented not misleading.

These statements reflect all adjustments, consisting of normal recurring
adjustments, which, in the opinion of management, are necessary for fair
presentation of the information contained therein. It is suggested that these
consolidated interim financial statements be read in conjunction with the
financial statements of the Company for the year ended December 31, 2002 and
notes thereto included in the Company's 10-KSB annual report. The Company
follows the same accounting policies in the preparation of interim reports.

Results of operations for the interim periods are not indicative of annual
results.

NOTE 2 - GOING CONCERN

These consolidated financial statements have been prepared in accordance with
generally accepted accounting principles applicable to a going concern which
contemplates the realization of assets and the satisfaction of liabilities and
commitments in the normal course of business. As at June 30, 2003, the Company
has not recognized revenue to date and has accumulated operating losses of
approximately $15,828,060 since inception. The Company's ability to continue as
a going concern is contingent upon the successful completion of additional
financing arrangements and its ability to achieve and maintain profitable
operations. Management plans to raise equity capital to finance the operating
and capital requirements of the Company. Amounts raised will be used to further
development of the Company's products, to provide financing for marketing and
promotion, to secure additional property and equipment, and for other working
capital purposes. While the Company is expending its best efforts to achieve the
above plans, there is no assurance that any such activity will generate funds
that will be available for operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern. These financial
statements do not include any adjustments that might arise from this
uncertainty.

NOTE 3 - RELATED PARTY TRANSACTIONS

During the six months period ended June 30, 2003, the Company received services
from various related parties at a value of $201,181.

In April 2003, two of the Company's shareholders returned 361,640 shares of
their 144 restricted shares in cancellation of the outstanding loans and
interest due to the company in the amount of $90,410. The Company subsequently
cancelled the stocks.

In April 2003, the Company issued 1,062,500 and 130,305 shares of restricted 144
stocks to two separate related parties in the amount of $425,080 and $52,122 in
exchange of the cancellation of debt.

                                       8
<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS


GENERAL OVERVIEW
----------------
The Company's key focuses and endeavor at the current time is to find a more
suitable merger partner that could bring new revenues into the company. Even
though all agreements have expires on the Municipal Solid Waste Technology and
the Nuclear Reduction processes, the Company will continue their efforts to
renew the agreements with the holder of the technology. Management feel that if
they can merge with or joint with an existing company that has monthly revenues
it will strengthen the Companies current financial condition and improve and
increase revenues for the Company.

RESULTS OF OPERATIONS
---------------------
SIX MONTHS ENDED JUNE 30, 2003 COMPARED TO SIX MONTHS ENDING JUNE 30, 2002.

REVENUES. For the six months ended June 30, 2003, revenues were $ 0, a decrease
of approximately $0.00 or 0%, versus revenues of approximately $131,473 for the
six months ended June 30, 2002. The decrease in revenues for the 2003 period was
due primarily to 1) the shift in the companies overall direction of products and
services, 2) the Company discontinued its operations of Xtreme Webworks due to
the downturn in the economy, and 3) the Company did not incur any sales in
Municipal Solid Waste Systems.

COST OF REVENUES. Cost of revenues for the six months ended June 30, 2003
decreased by $97,223 or 100%, from the year ended June 30, 2002 due primarily to
decrease in revenues and the development of new products and services during the
first and second quarters of 2003.

GROSS PROFIT. Gross profits for the six months ended June 30, 2003 were $0
versus $34,250 in the six months ended June 30, 2002. This was due primarily to
the discontinuous of Xtreme Webworks operations and the development of new
products and services during the first and second quarters 2003.

OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES. Operating, general and
administrative expenses decreased to approximately $174,326 a decrease of
$15,143 or 8% for six months ended June 30, 2003 as compared to approximately
$189,469 for the six months June 30, 2002. The decrease in operating expenses
for the six months ended June 30, 2003 occurred primarily and due to 1) the
discontinuous of Xtreme Webworks operations and 2) the decrease in operating
expenses incurred during the development stage of the two new acquisitions due
to the shift in the companies overall direction of products and services.

                                       9
<PAGE>

NET PROFIT (LOSS). Net loss for the six months ended June 30, 2003 increased by
approximately $ 701 from the comparable period in the prior year as a result of
the aforementioned decrease in income due to 1) the discontinuing of operations
of Xtreme Webworks and 2) the decrease in overhead expenses incurred during the
development stages of the acquired two new technologies 3) the increase in
interest income.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
OVERVIEW. Even though the Company sustained a down turn in revenues due to the
tragic events of September 11, 2001 and the shift in the primary focus to
development of new technology management believes that the Company will be able
to meet it's current and future obligations primarily with their new direction
of products and services coming on line.

As the nation recovers from the events of September 11, 2001 and the brief
economic down turn since that time, so does the Company recover, and management
believes that sales of the newly acquired technologies will begin to develop in
the year 2003.

In addition, the Company may raise additional capital through the sale of stocks
and/or other sources of external liquidity, such as procurements of loans from
related parties in order to continue expansion.

The Company has no material commitments for capital expenditures other than
expenditures it chooses to make on an as-needed basis

ASSETS AND LIABILITIES. As of June 30, 2003, the Company has assets of
approximately $30,108, compared to $176,601 as of June 30, 2002. The decrease of
approximately $146,493 was primarily due to a decrease in cash and equivalents,
a decrease in accounts receivable and a decrease in notes receivable. The
Company's current liabilities increased from $626,580 as of June 30, 2002 to
approximately $697,482 as of June 30, 2003. This was due primarily to an
increase in notes payable due to the decrease in revenues and the increase in
borrowed funds.

STATEMENT ON FORWARD-LOOKING INFORMATION
----------------------------------------
Certain information included herein contains statements that may be considered
forward-looking, such as statement relating to anticipated performance and
financing sources. Any forward-looking statement made by the Company necessarily
is based upon a number of estimates and assumptions that, while considered
reasonable by the Company, is inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of which are
beyond the control of the Company, and subject to change. Actual results of the
Company's operations may vary materially form any forward-looking statement made
by or on behalf of the Company. Forward-looking statements should not be
regarded as a representation by the Company or any other person that the
forward-looking statements will be achieved. Undue reliance should not be placed
on any forward-looking statements. Some of the contingencies and uncertainties

                                       10
<PAGE>

to which any forward-looking statement contained herein is subject include, but
are not limited to, those relating to dependence on existing management,
Internet regulation, leverage and debt service, domestic or global economic
conditions and changes in federal or state tax laws or the administration of
such laws.

The Company has no material commitments for capital expenditures other than
expenditures it chooses to make on an as-needed basis

                                       11
<PAGE>

PART II - OTHER INFORMATION

Item 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a)  Exhibits

     Exhibit
     No.       Description
     ---       -----------
     3.1       Articles of Incorporation of Xtreme Companies, Inc. fka Xtreme
               Webworks fka Shogun Advertising, Inc. (Incorporated by reference
               from Exhibit 3.1 of Form 10SB12G/A filed November 7, 2000).

     3.2       Bylaws of Xtreme Companies, Inc. fka Xtreme Webworks fka Shogun
               Advertising, Inc. (Incorporated by reference from Exhibit 3.2 of
               Form 10SB12G/A filed November 7, 2000).

     Material Contracts

     NONE

(b)  Reports on Form 8-K



SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

XTREME COMPANIES, INC.
(Name of Registrant)

Date: August 13, 2003                 By: /s/  SHAUN HADLEY
                                          --------------------
                                          SHAUN HADLEY
                                          PRESIDENT

Date: August 13, 2003                 By: /s/ DON BRADLEY
                                          --------------------
                                          DON BRADLEY
                                          SECRETARY

                                       12
<PAGE>

CERTIFICATION

In connection with the Quarterly Report of Xtreme Companies, Inc. (the
"Company") on Form 10-Q for the period ending March 31, 2003 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), I, Don
Bradley, Chief Executive and Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

     (1)  The Report fully complies with the requirements of section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects the financial condition and results of the Company.

                                        /s/ Don Bradley
Date: August 13, 2003                   -------------------------------------
                                        Don Bradley
                                        CHIEF EXECUTIVE OFFICER

                                       13
<PAGE>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Donald Bradley, certify that:

1.   I have reviewed this first quarter report on Form 10Q of Xtreme Companies,
     Inc.;

2.   Based on my knowledge, this first quarter report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances under
     which such statements were made, not misleading with respect to the period
     covered by this first quarter report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this first quarter report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, August 13, 2003 and for, the periods
     presented in this first quarter report;

4.   The registrant's other certifying officers and we are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a)
     designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this first quarter report is being
     prepared; b) evaluated the effectiveness of the registrant's disclosure
     controls and procedures as of a date within 90 days prior to the filing
     date of this first quarter report ( August 13, 2003); and c) presented in
     this first quarter report our conclusions about the effectiveness of the
     disclosure controls and procedures based on our evaluation as of the August
     13, 2003;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions): a) all significant deficiencies in the design or
     operation of internal controls which could adversely affect the
     registrant's ability to record, process, summarize and report financial
     data and have identified for the registrant's auditors any material
     weaknesses in internal controls; and b) any fraud, whether or not material,
     that involves management or other employees who have a significant role in
     the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
     annual report whether there were significant changes in internal controls
     or in other factors that could significantly affect internal controls
     subsequent to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: August 13,
2003
/s/ Donald
Bradley
Donald Bradley Chief Executive Officer

/s/ Garrett Oberle
Garrett Oberle Chief Financial Officer/Treasure

                                       14